Chicago Real Estate: Hot Deals, Political Intrigue, and a Bear Building Hotels?!

Ken Griffin's Property Sales

Billionaire hedge fund manager Ken Griffin recently sold the top two floors of Chicago's No. 9 Walton condo tower for $19 million, a significant 44% loss from the over $34 million he paid in 2017. This transaction follows Griffin's larger move away from Chicago, citing concerns over rising crime and political challenges.

Michael Jordan's Estate Sale

After being on the market for 12 years, Michael Jordan's Highland Park mansion has finally sold. Originally listed at $29 million in 2012, the 56,000-square-foot estate underwent numerous price reductions before finding a buyer.

Beal Properties' Acquisition

Beal Properties LLC has purchased a fully occupied, 35-unit mixed-use building located at 2200 N. Clark St. in Lincoln Park for $11.25 million. The property includes more than 10,000 square feet of retail space, housing popular tenants like Esme and Green Tea Sushi.

Market Trends

In August 2024, Illinois home sales dropped by 6.5% year-over-year, despite an 8% increase in inventory. The median home price rose to $295,000, reflecting a 5.4% growth from the previous year.

Sources:

• Wall Street Journal

• Architectural Digest

• Chicago Business Journal

• Norada Real Estate Investments